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The price of bitcoin fell sharply last week after the Chinese central bank warned that all crypto transactions were now illegal in the country, but the latest crackdown failed to deter investors who also continued to sell out. accumulate in other cryptocurrencies. The price of ethereum has climbed 12% in the past 24 hours.
Now it has been predicted that the United States Securities and Exchange Commission (SEC) could give the green light to a long-awaited bitcoin exchange-traded fund (ETF) as early as next month, which could push the price of bitcoin upwards. up to $ 100,000.
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“There is still a high probability that the United States will just follow Canada, perhaps with a bitcoin ETF futures,” Bloomberg Intelligence senior commodities strategist Mike McGlone told Stansberry Research last week. .
“There are now more [bitcoin ETF] 30 requests, and the fact that the money is migrating from the United States -om Cathie Wood and Ark – to Canada, the pressure is strong and high enough that American regulators say, we have to do this. ‘ “
Earlier this month, lead investor Fidelity urged the SEC to approve a bitcoin ETF, highlighting investor appetite for virtual currencies, the growing adoption of bitcoin and the existence of similar funds in others. country, according to media reports. However, the SEC has indicated that it will continue its cautious approach under the leadership of new chairman Gary Gensler, like his predecessor Jay Clayton.
McGlone also doubled his bitcoin price prediction by $ 100,000, predicting bitcoin to hit psychological level by the end of 2021, but potentially as early as October.
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« [After bitcoin broke] $ 10,000, it’s more likely to hit $ 100,000, ”McGlone said, referring to bitcoin’s volatile price history. bitcoin, and go to bitcoin and ethereum, essentially putting bitcoin and ethereum in the same bucket as gold. “
McGlone sees Ethereum’s outsized performance this year – up 700% over the past 12 months from Bitcoin’s 300% rally – as further justification for his $ 100,000 bitcoin price prediction.
“If bitcoin just catches up with Ethereum, some of which have ETFs launched in Canada, it would be at $ 100,000,” McGlone said. “In fact, it would be close to $ 130,000. So I think that’s part of the reason he’s probably going to get there, and the question is when. “